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Taylor Wimpey mulls sell-off of North American housing businesses

TAYLOR WIMPEY will explore the sale of its troubled North American housing business this autumn in a move that could raise more than £560m for the embattled housebuilder.

Executives have not yet received formal board approval, but City sources said it would be discussed in the next few weeks. If directors give the green light a sales memorandum is expected to be drawn up before the end of the year.

Taylor Wimpey operates under the Taylor Morrison and Monarch brands in North America. In the boom it became one of the largest homebuilders in the US, covering Arizona, California, Colorado, Florida, Nevada and Texas.

In Canada, Monarch is one the oldest and largest real estate companies specialising in high-rise apartments.

Taylor Wimpey reported improved trade in North America during the second quarter, following a weak start to the year. It reported that orders rose by 23% since the full year